Capital raising, business sales and privatization in Uzbekistan. Independent advice from Tashkent.
Investment banking for Uzbekistan.
Founded2012
Senior experience20+ years
Transaction volumeUS$1.5bn+
Assets under custodyUS$2.0bn+
Our firm
From the decision to the transaction.
We work with business owners, issuers and investors in Uzbekistan.
Since 2012, we have advised on capital raising, business sales and privatization. Each engagement starts with an agreed scope and an accountable lead.
Discover our firm
Selected experience
Selected transactions in Uzbekistan.
Explore each case: the objective, PIAMG’s role, the outcome and supporting public evidence.
M&A & Privatization01
Transaction value~US$140m
Davr Bank / ABB
ABB acquisition of a 51% stake in Davr Bank
Portfolio Investments
View case study Execution broker
Capital Markets02
Gross proceedsUZS 33.25bn
Uzbektelecom JSC
Initial Public Offering
Portfolio Investments
View case study Lead underwriter · NBU and SQB as co-underwriters
M&A & Privatization03
Winning bidUZS 297.9bn
Invest Group Centre LLC
State asset privatization
Portfolio Investments
View case study Privatization consultant
Capital Markets04
Transaction valueUZS 3.35tn
Mikrokreditbank JSCB
Equity placement for the Ministry of Economy and Finance and UFRD
Portfolio Investments
Exclusive broker
Company record
Expertise
Capital markets, M&A and market access.
Choose your objective. Each service sets out the work involved and the deliverables you receive.
0102030405
M&A & Privatization
Valuation, investor materials and a plan for a sale, acquisition or privatization.
Equity Capital Markets
IPO and SPO preparation, investor positioning and placement.
Debt Capital Markets
Issuance structure, financial analysis and placement support.
Brokerage & Market Access
Account opening, trade execution, custody and settlement support.
Investment Management & Advisory
Investment objectives, portfolio analysis and an agreed review process.
How we work
A clear working relationship.
Agree the scope, know your lead and track the decisions.
One point of contact
A named senior lead is responsible for the work and key decisions.
Agreed deliverables
Materials, milestones and responsibilities are defined before work begins.
A shared timetable
The client and its advisers work against one transaction plan.
Munir YakubovFounder & Chief Executive Officer
Founder-level attention on major mandates.
Portfolio Investments was founded in 2012. Munir Yakubov remains directly involved in key mandates, bringing more than 20 years of experience across capital markets, privatization and strategic transactions.
Meet the founderRecent market and policy developments.
Published updates from Portfolio Investments on the developments affecting issuers and investors in Uzbekistan.
Alif’s $10m sukuk marks Uzbekistan’s first sukuk listing on AIX
AIX has listed a $10 million sukuk issued by Alif Moliya Sukuk SPC Limited, opening a new cross-border financing route for Uzbek issuers.
Read insight
VEON agrees $207m Perfectum acquisition in Uzbekistan
The agreement covers 100% of Rubicon Wireless, including approximately $93 million of assumed debt. Completion is expected by the end of October.
Read insight
NMMC profit rises 57% as planned international IPO stays in focus
H1 2026 revenue reached $7.067 billion and net profit $2.382 billion. Higher gold prices drove growth while production declined slightly.
Read insightInstitutional network
Selected relationships across Uzbekistan’s financial market.
Banks, insurers and market participants with whom Portfolio Investments has worked across mandates, distribution and regulated execution.
Logos identify selected institutional relationships and do not imply endorsement or exclusivity.
Start with a confidential briefing.
Tell us the decision you are working toward. We will identify the relevant team and next practical step.
Discuss a transaction